I waited 20 years for this, since coming to Washington in 1991. Even if the Senate restores the money, the "sacred cow" status of public broadcasting has ended. This happened in 1995 with the National Endowment for the Arts. The agency is still around, but as "damaged goods." And you know what...the arts in America improved after 1995. My guess is that broadcasting should improve after 2011, due to similar factors--the beginning of the end of the official stamp of approval, the "imprimatur," that was what NPR and PBS had to offer (in addition to cash).
Look for alternate sources of news, informational, and educational broadcasting to emerge via the internet, cable, and who knows...maybe even Twitter. The Huffington Post-AOL deal may be a sign of things to come, in this regard.